Key Takeaways
- • Fidelity's spot Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), recorded client-driven purchases of $24.54 million in Bitcoin, falling within a $23 million to $25 million range the fund has hit repeatedly in 2026.
- • On October 13, 2026, FBTC took in $103.06 million in net inflows, nearly all of the $109.8 million that the entire US spot Bitcoin ETF sector drew that day, while all other issuers combined brought in about $6.7 million.
- • FBTC carries a 0.25% expense ratio and ranks among the largest US spot Bitcoin ETFs by assets under management, supported by Fidelity's distribution reach and history in Bitcoin services dating to 2014.
- • A Fidelity Digital Assets report found that perpetual preferred stock issued by Bitcoin treasury companies funded purchases of 135,979 BTC through early October 2026, about 0.5% of Bitcoin's total supply.
Summary
Fidelity's spot Bitcoin ETF clients bought another $24.54 million worth of Bitcoin through the Fidelity Wise Origin Bitcoin Fund, known by its ticker FBTC. The purchase falls within a band that FBTC has hit several times this year, with client-driven transactions repeatedly landing between $23 million and $25 million. A prior session on October 22, 2026 saw a purchase of $23.08 million, equal to 282.63 BTC, and in mid-August the fund picked up roughly $23.92 million.
Flows have been less consistent on other days. On October 13, FBTC recorded $103.06 million in net inflows, while the entire US spot Bitcoin ETF sector took in $109.8 million that day. Every other issuer combined brought in a little over $6.7 million, meaning Fidelity captured nearly all of the category's net new money in that session. The source notes that spot Bitcoin ETF flows in 2026 have not been one-directional, with the sector experiencing periods of net outflows this year. The concentration seen on October 13 raises the question of whether capital is broadly entering Bitcoin ETFs or consolidating among the largest brands.
FBTC launched in 2024, after US regulators allowed spot Bitcoin ETFs. Fidelity has offered Bitcoin-related services since 2014 and launched Fidelity Digital Assets in 2019 to provide institutional custody and trading. As of late October 2026, the fund ranks among the largest US spot Bitcoin ETFs by total assets under management and holds hundreds of thousands of BTC. Its 0.25% expense ratio equates to $25 per year for every $10,000 invested. The source attributes part of FBTC's competitiveness to Fidelity's distribution, as the firm already sits inside millions of retirement and brokerage accounts.
Separately, a Fidelity Digital Assets report cited in the article found that perpetual preferred stock issued by Bitcoin treasury companies funded the purchase of 135,979 BTC through early October, roughly 0.5% of total supply. Perpetual preferred stock pays a fixed dividend, never matures, and lets companies raise capital without traditional debt or as direct dilution of common shareholders. The article characterizes this as a second, structurally different source of Bitcoin demand, with ETF flows driven by investor sentiment and adviser allocations, and treasury purchases dependent on continued absorption of new preferred issuance.
Flows have been less consistent on other days. On October 13, FBTC recorded $103.06 million in net inflows, while the entire US spot Bitcoin ETF sector took in $109.8 million that day. Every other issuer combined brought in a little over $6.7 million, meaning Fidelity captured nearly all of the category's net new money in that session. The source notes that spot Bitcoin ETF flows in 2026 have not been one-directional, with the sector experiencing periods of net outflows this year. The concentration seen on October 13 raises the question of whether capital is broadly entering Bitcoin ETFs or consolidating among the largest brands.
FBTC launched in 2024, after US regulators allowed spot Bitcoin ETFs. Fidelity has offered Bitcoin-related services since 2014 and launched Fidelity Digital Assets in 2019 to provide institutional custody and trading. As of late October 2026, the fund ranks among the largest US spot Bitcoin ETFs by total assets under management and holds hundreds of thousands of BTC. Its 0.25% expense ratio equates to $25 per year for every $10,000 invested. The source attributes part of FBTC's competitiveness to Fidelity's distribution, as the firm already sits inside millions of retirement and brokerage accounts.
Separately, a Fidelity Digital Assets report cited in the article found that perpetual preferred stock issued by Bitcoin treasury companies funded the purchase of 135,979 BTC through early October, roughly 0.5% of total supply. Perpetual preferred stock pays a fixed dividend, never matures, and lets companies raise capital without traditional debt or as direct dilution of common shareholders. The article characterizes this as a second, structurally different source of Bitcoin demand, with ETF flows driven by investor sentiment and adviser allocations, and treasury purchases dependent on continued absorption of new preferred issuance.
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